Fortuna Silver Mines (NYSE:FSM) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Fortuna Silver Mines (NYSE:FSM) (TSE:FVI) from a hold rating to a buy rating in a research note published on Wednesday, Zacks.com reports. The brokerage currently has $3.50 price target on the basic materials company’s stock.

According to Zacks, “Fortuna Silver Mines Inc. is engaged in the exploration, mining and development of silver and base metal properties in Latin America. Its core assets include the Caylloma Ag-Pb-Zn-Cu Mine located in Arequipa, Peru and the San Jose Ag – Au Project located in Oaxaca, Mexico. Fortuna Silver Mines Inc. is headquartered in Lima, Peru. “

Several other brokerages have also recently issued reports on FSM. Scotiabank raised Fortuna Silver Mines from a sector perform rating to a sector outperform rating and set a $5.00 target price on the stock in a research report on Tuesday, September 10th. Canaccord Genuity raised Fortuna Silver Mines from a hold rating to a buy rating and set a $5.50 target price on the stock in a research report on Friday, September 13th. Finally, ValuEngine raised Fortuna Silver Mines from a sell rating to a hold rating in a research report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Fortuna Silver Mines presently has a consensus rating of Buy and a consensus price target of $4.67.

NYSE:FSM traded up $0.08 during midday trading on Wednesday, hitting $3.18. The stock had a trading volume of 2,045,172 shares, compared to its average volume of 1,929,032. The company has a quick ratio of 1.47, a current ratio of 1.66 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $499.30 million, a price-to-earnings ratio of 13.25 and a beta of 0.24. The stock has a 50-day moving average of $3.36 and a 200 day moving average of $3.25. Fortuna Silver Mines has a one year low of $2.39 and a one year high of $4.59.

Fortuna Silver Mines (NYSE:FSM) (TSE:FVI) last announced its earnings results on Wednesday, August 7th. The basic materials company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.01. The business had revenue of $67.91 million for the quarter. Fortuna Silver Mines had a return on equity of 4.43% and a net margin of 8.75%. On average, sell-side analysts anticipate that Fortuna Silver Mines will post 0.18 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in FSM. Renaissance Technologies LLC lifted its holdings in shares of Fortuna Silver Mines by 29.9% during the 2nd quarter. Renaissance Technologies LLC now owns 8,748,331 shares of the basic materials company’s stock valued at $24,933,000 after purchasing an additional 2,015,500 shares during the last quarter. Morgan Stanley lifted its holdings in shares of Fortuna Silver Mines by 86.3% during the 2nd quarter. Morgan Stanley now owns 5,960,860 shares of the basic materials company’s stock valued at $16,988,000 after purchasing an additional 2,761,876 shares during the last quarter. Ingalls & Snyder LLC lifted its holdings in shares of Fortuna Silver Mines by 13.5% during the 2nd quarter. Ingalls & Snyder LLC now owns 3,060,550 shares of the basic materials company’s stock valued at $8,723,000 after purchasing an additional 364,750 shares during the last quarter. Sprott Inc. lifted its holdings in shares of Fortuna Silver Mines by 57.0% during the 2nd quarter. Sprott Inc. now owns 2,624,164 shares of the basic materials company’s stock valued at $9,464,000 after purchasing an additional 953,126 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Fortuna Silver Mines by 2,524.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,403,156 shares of the basic materials company’s stock valued at $4,055,000 after purchasing an additional 1,349,685 shares during the last quarter. 37.07% of the stock is currently owned by institutional investors and hedge funds.

Fortuna Silver Mines Company Profile

Fortuna Silver Mines Inc engages in the exploration, extraction, and processing of precious and base metal deposits in Latin America. The company explores for silver, gold, lead, and zinc deposits. Its principal properties include the Caylloma silver, lead, and zinc mine located in southern Peru; the San Jose silver-gold mine located in southern Mexico; and the Lindero gold project located in Argentina.

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